France and Spain are among the countries which have the most extensive high-speed rail network. Both networks have a similar shape centered on the national capital and connecting to the main cities. They are the expression of national political priorities for territorial organization. Nevertheless, they have distinctive technical and commercial characteristics. This paper aims to make a comparison of two European high-speed rail networks embedded in different political and economic contexts, in order to assess both the endogenous and exogenous causes of the cap on growth that has now become apparent. The analysis will focus on the territorial coverage, the methods of planning and funding, and the commercial policies. Finally, the paper will highlight the models chosen in the problems encountered in tackling the issue of financing the infrastructures and in responding to the rise in intermodal competition. In both countries, high-speed rail is now reaching a threshold that marks the end of the model of development which shaped the establishment of the network.